USD/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Though USD/SGD is not a very popular currency pair among traders, it can be highly attractive, as the price is approaching pattern's resistance line. Earlier, there were attempts to penetrate this level, however, they were unsuccessful. Taking into account bearish market sentiment, we might suggest that this time this level will not breached as well, however, the majority of aggregate technical indicators are sending "buy" signals, while a significant drop in U.S. unemployment claims may push the pair higher as well. Therefore, the outlook for the pair is bullish.
© Dukascopy Bank SA
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